Packaging Co. of America (NYSE:PKG) Holdings Lowered by Strs Ohio

Posted by on Jul 17th, 2023

Strs Ohio trimmed its stake in shares of Packaging Co. of America (NYSE:PKG – Free Report) by 7.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,969 shares of the industrial products company’s stock after selling 2,593 shares during the quarter. Strs Ohio’s holdings in Packaging Co. of America were worth $4,577,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. ETF Managers Group LLC raised its position in shares of Packaging Co. of America by 1.5% during the 1st quarter. ETF Managers Group LLC now owns 4,709 shares of the industrial products company’s stock worth $654,000 after buying an additional 70 shares in the last quarter. AlphaMark Advisors LLC raised its holdings in shares of Packaging Co. of America by 4.2% in the 4th quarter. AlphaMark Advisors LLC now owns 1,876 shares of the industrial products company’s stock worth $240,000 after purchasing an additional 76 shares in the last quarter. Scotia Capital Inc. raised its holdings in shares of Packaging Co. of America by 1.6% in the 4th quarter. Scotia Capital Inc. now owns 4,921 shares of the industrial products company’s stock worth $629,000 after purchasing an additional 79 shares in the last quarter. Global Wealth Management Investment Advisory Inc. raised its holdings in shares of Packaging Co. of America by 1.3% in the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 6,246 shares of the industrial products company’s stock worth $975,000 after purchasing an additional 82 shares in the last quarter. Finally, Rowland & Co. Investment Counsel ADV raised its holdings in shares of Packaging Co. of America by 0.6% in the 1st quarter. Rowland & Co. Investment Counsel ADV now owns 13,783 shares of the industrial products company’s stock worth $1,914,000 after purchasing an additional 84 shares in the last quarter. 90.84% of the stock is currently owned by institutional investors.

Packaging Co. of America Stock Performance

Shares of PKG opened at $134.21 on Monday. The company’s 50 day moving average price is $130.56 and its 200 day moving average price is $134.43. Packaging Co. of America has a 52 week low of $110.56 and a 52 week high of $146.26. The company has a market capitalization of $12.07 billion, a PE ratio of 12.88, a PEG ratio of 3.40 and a beta of 0.88. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.91 and a current ratio of 3.12.

Packaging Co. of America (NYSE:PKG – Get Free Report) last announced its quarterly earnings data on Tuesday, April 25th. The industrial products company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.07). Packaging Co. of America had a net margin of 11.61% and a return on equity of 25.59%. The company had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $2.08 billion. During the same period in the previous year, the firm posted $2.72 earnings per share. The business’s revenue for the quarter was down 7.5% on a year-over-year basis. Research analysts expect that Packaging Co. of America will post 7.9 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Thursday, June 15th were given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 3.73%. The ex-dividend date of this dividend was Wednesday, June 14th. Packaging Co. of America’s dividend payout ratio is 47.98%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PKG. Bank of America dropped their target price on shares of Packaging Co. of America from $145.00 to $138.00 in a report on Monday, July 10th. Wells Fargo & Company dropped their target price on shares of Packaging Co. of America from $135.00 to $126.00 in a report on Wednesday, April 26th. 22nd Century Group reiterated a “maintains” rating on shares of Packaging Co. of America in a report on Wednesday, April 26th. UBS Group dropped their target price on shares of Packaging Co. of America from $137.00 to $132.00 in a research report on Friday, June 30th. Finally, Citigroup dropped their target price on shares of Packaging Co. of America from $131.00 to $128.00 in a research report on Monday, July 10th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $126.13.

Packaging Co. of America Company Profile

(Free Report)

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.

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Institutional Ownership by Quarter for Packaging Co. of America (NYSE:PKG)

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